Token Goes Global: A Historic Leap in China's AI Productivity Exports! Xunce Technology Offers the Chinese Answer

As the global AI industry transitions from the 'training era' to the 'inference era,' Token has evolved from a technical term hidden deep in code to become a measurable, priceable, and cross-border tradable"digital currency"—the"The new oil"。

Whoever controls the pricing and circulation rights of Tokens holds the core resources of the AI world.

With a market capitalization surpassing HKD 100 billion just 100 days after its listing—Xunce Technology (03317.HK), dubbed the "first Token stock" by the market, has delivered a powerful performance that signals to the market: this is not merely a rise in stock prices, but a fundamental shift in the underlying logic of the capital markets, representing a profound definition of China’s AI strength on the global stage. $XUNCE (03317.HK)$

And this is just the beginning.

In this global AI landscape reshaped by Token, Xunce Technology has chosen neither to compete in large models nor to amass computing power. Instead, it has opted for a more foundational role --"The digital fuel supplier of the AI world". Today, it is taking the lead in launching its Token overseas business, becoming a pioneer in bringing China's AI data services to the global stage.

Recently, Xunce Technology announced a strategic cooperation agreement with the National Shenzhen Data Exchange. This collaboration marks an important step for Xunce in the cross-border and overseas expansion within the data element market.

It signifies that China not only possesses Tokens but also establishes standards for Tokens, rules for circulation, and compliant channels for overseas exports—this is a critical turning point for Token exports transitioning from 'unregulated growth' to 'institutionalized exports'.The biggest risk in cross-border data transfer has never been a technical issue but rather a compliance issue.

As a national-level data trading infrastructure, the Shenzhen Data Exchange provides this irreplaceable 'data passport,' ensuring that Xunce’s Token exports are conducted with clear guidelines and viable pathways.

I. Token Exports: The Comprehensive Evolution of 'AI Productivity Exports'

Global demand for Tokens is surging. 'Token exports,' once a concept, have quickly evolved into one of the hottest tracks in the global AI industry.

Data doesn't lie. OpenRouter, the world's largest model aggregation platform, shows that Chinese models account for a staggering 61% of the total token consumption of the top ten models. More strikingly, 47.17% of the platform’s users are from the United States, while Chinese developers only make up 6.01%. This means overseas users are casting their votes for Chinese large models with real money.

The latest data from the National Data Bureau reveals that as of March 2026, China's daily average token usage has surpassed 140 trillion. What does this mean? It equates to generating approximately 20 billion thousand-word articles every day — for China’s population of 1.4 billion, it's like each person 'consumes' hundreds of AI-generated thousand-word articles daily. A significant portion of this massive token consumption comes from enterprise-level API calls, agent operations, and inter-model interactions. JPMorgan predicts that China’s AI inference token consumption will soar from around 10 quadrillion in 2025 to 3,900 quadrillion by 2030, a 370-fold increase within five years.

The rapid rise of token exports has captured widespread attention because it ignites collective imagination about 'leapfrogging development.'

In the past, we exported shirts, home appliances, mobile phones, and new energy vehicles — all physical products representing lower-value outputs, earning us the 'manufacturing margin.' Today, token exports allow China to achieve a historic leap from 'physical goods exports' to 'AI productivity exports.'

This transformation can be mapped using three historical milestones: Phase one involved exporting shirts and sneakers, lower on the value chain, focusing on volume to generate foreign exchange, akin to 'general-purpose tokens' — low-cost calculations, highly replaceable, competing on scale and efficiency; phase two saw the export of high-end equipment and new energy vehicles, moving up the value chain, trading quality for premium pricing, corresponding to 'industry-specific tokens' — embedded in vertical scenarios with domain barriers; phase three is happening now — China is exporting AI productivity itself, measured in tokens, delivering inference capabilities and intelligent services globally, reaching the top of the value chain. Behind these tokens lies a multidimensional accumulation of power, computing, algorithms, and specialized data, collectively forming a high-value-added 'intelligent computing package.'

China's infrastructure will once again drive global economic growth — but this time, the driving force is no longer steel and concrete, but tokens.

Electricity doesn’t cross borders, computing power isn’t exported, yet AI productivity transcends national boundaries, completing 'value circulation' in digital form that previously only physical goods could achieve. This is a new type of export that cannot be blocked by tariff barriers or require container shipping.

Token exports, in essence, represent a new digital trade model where China's AI uses tokens as the core unit of measurement and circulation to deliver inference computing power and intelligent services worldwide. It is not merely simple app exports or overseas chat tools, but the direct export of underlying computing power — packaging domestic inference capabilities into tokens, monetizing them globally via cross-border APIs, and earning the 'cross-border electricity fees' of the AI world. Its core characteristics include:

- Localized computation: Overseas requests → Domestic computing power → Results returned

- Cross-border value: Power stays domestically, while revenue flows globally

- Standardized pricing: The cost is only 1/5 to 1/20 of overseas models, but the value of tokens is far ahead

- Compliance and security: Digital services and exports

More profoundly, the emergence of tokens has, for the first time, solved the problem of data assetization. Once data is standardized into tokens, it becomes measurable and chargeable, completing a historic leap from 'resource' to 'asset.' Meanwhile, China is defining new global rules in this transformation with an unparalleled lead.

II. China's Token Export 'Moat': Bottomless

China's token advantages currently manifest in three dimensions: First, algorithmic efficiency. Innovations such as MoE architecture and quantization technology have enabled token output per unit of computing power to far exceed industry peers; second, open-source strategy. Open-source versions like DeepSeek and Qwen have attracted global developers, creating an irreversible ecosystem flywheel; third, ultra-competitive pricing. The API price of domestic models is only 1/5 to 1/20 of overseas counterparts—MiniMax M2.5 input costs $0.3 per million tokens, while Anthropic’s Claude Opus 4.6 costs $5, making it 16.7 times more expensive than Chinese models.

More crucially, tokens are undergoing a 'value stratification.' A single token used for casual conversation might be worth $0.01 per million tokens; for writing code, it could be worth $200; for legal document review, it might reach $1,000—creating a hundred-thousand-fold difference in value. Less than 5% of token usage generates over 80% of measurable value. The value of tokens does not depend on their production cost but rather on what they are used for.

The true moat of China's token export is not just about cost and efficiency dominance, but the ability to refine general-purpose tokens into high-value 'digital assets' using advanced data refinement capabilities. This isn't just about selling cheaper; it's about selling at higher value and defining greater standards—from being the 'world's factory' to becoming the 'world's token factory.'

III. Compliance First: Xunce Technology Holds the 'Passport' for Cross-Border Data

On March 30, 2026, the world's first international organization promoting data development and governance—the World Data Organization (WDO)—was officially established in Beijing. It has already attracted over 40 countries and more than 200 core members, covering 14 key industries including industrial, financial, and healthcare sectors. Amid ongoing efforts to standardize cross-border data flow rules, the establishment of WDO provides a vital multilateral coordination platform for Chinese data companies expanding globally.

From a policy perspective, the core logic of China’s cross-border data flow has shifted entirely from a defensive stance in the past to one focused on value creation—emphasizing openness, cooperation, development, and win-win outcomes. As a leading enterprise in China’s AI real-time data infrastructure sector, Xunce Technology is poised to leverage this international mechanism to accelerate the global rollout of its tokenized data services.

This collaboration with Shenzhen Data Exchange is a key move in Xunce Technology's exploration of Token expansion overseas. According to the agreement, the two parties will engage in deep cooperation across three major areas. First, jointly expanding innovative businesses related to data elements and artificial intelligence to promote enterprise digital transformation; second, co-building a data assetization and data asset reporting service system to drive the development of data assetization and compliance operations; third, establishing a standardized framework for embodied AI data to advance the industry’s growth.

Shenzhen Data Exchange positions itself as a national-level data trading platform, exploring feasible pathways for large-scale cross-domain data circulation and accelerating the construction of a nationwide data trading platform for cross-domain and cross-border data flow. This goal is one of the core objectives enshrined in its charter.

This partnership will help Xunce Technology deepen its exploration of data compliance and cross-border data regulations, accelerate the implementation of data assetization services, effectively drive enterprise-level AI applications, expand into diversified industries, and secure an early-mover advantage in setting standards for embodied AI data, building long-term competitive barriers.

Fourth, Xunce Technology steadily expands its overseas business, with China defining the future of AI.

Xunce Technology plays the role of the most fundamental 'data Token supplier.' The company leverages its high-quality financial and telecom data accumulated over many years, acting as an 'enhancer' for every Token invocation.

Xunce Technology’s business model is undergoing a comprehensive upgrade from traditional subscription-based and transaction-based models to a Token payment structure. Its core formula is straightforward yet powerful: Revenue = Token price × number of invocations × number of application modules.

This means that corporate revenue is no longer dependent on the traditional 'number of customers,' but rather on usage frequency, depth of use, and AI penetration—an exponential revenue model directly tied to AI usage intensity, far beyond the dimensions of traditional SaaS, software subscriptions, or even internet traffic models.

The capital market isn't looking at 'the current Xunce Technology,' but is pricing a future where Token forms the core of the revenue structure. In 2025, Xunce Technology achieved operating revenue of 1.285 billion yuan, representing a year-on-year increase of 103.28%. The adjusted net profit in the second half of the year reached 50.13 million yuan, marking the first time it turned a semi-annual profit. Among this, the Token-based charging model accounted for 5%, with expectations that it will quickly rise to 20%-30% by 2026.

Once the Token model proves successful, it will exhibit three characteristics simultaneously: exponential revenue growth based on invocation volume, deep integration of data, and extremely low marginal costs. These factors combined create a typical combination of high gross margins, high reusability, and strong scalability. Capital markets have never been conservative in valuing such models. A market cap of HKD 100 billion is just the first anchor point in the reassessment of Xunce Technology’s value. True valuation should not be measured in Hong Kong dollars—it points to USD 100 billion.

In terms of overseas expansion, Xunce Technology is steadily growing its international operations, forming the initial framework for a global presence. By 2026, overseas revenue is expected to exceed 10%. Currently, the company’s business has expanded from asset management to diversified sectors including telecommunications, power, energy, urban operations, advanced manufacturing, healthcare, satellites, robotics, and consumer industries.

Conclusion: China is defining the future on Token

As China's daily average Token usage surpasses 140 trillion, as the World Data Organization establishes its presence in Beijing, and as AI inference becomes the new high ground for global competition—a new era’s foundational rules are quietly being rewritten by Chinese power.

Every generation of general-purpose technology gives rise to new institutional demands: antitrust laws in the railway era, public utility regulation in the electricity era, and data privacy in the internet era. The Token economy is no exception. It brings new challenges such as energy consumption governance, cross-border flows, and statistical blind spots, but the window for institutional development has always been in the early stages of technological explosion.

The evolution of the Token economy is much faster than that of mobile internet, and China is providing answers in real time.

Xunce Technology, the 'first Token stock,' is advancing to become the 'first overseas-listed Token stock.' With its unique position as a data infrastructure provider, it is participating in reshaping the underlying rules of global AI services, exploring paths for Token internationalization, and extending the advantages of China's AI technology and industry.

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